MISYS, the IFA network owner, capitulated to shareholder pressure yesterday and announced plans for an independent chairman three years earlier than expected, according to this morning's papers.
The group, which also announced its intention to focus on its major software markets and “realise value” from its general insurance business, had faced fierce opposition from investors over its plans for separating the roles of chief executive and chairman, says The Times. Although Kevin Lomax, the group’s executive chairman, had pledged to separate the roles he aimed to make the change in two to three years’ time. The City had put intense pressure on him to speed up the process. In a statement released yesterday, Misys said it had separated the roles and appointed Sir Dominic Cadbury,...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes